Before heading this hedge fund lobbying group, Baker served in Congress, where he spent much of his career pushing for legislation to impose restrictions on Fannie Mae and Freddie
Mac. While a Republican representative from Louisiana, he charged that they were getting too big, taking on too much risk, and needed a stronger regulator.

The Baker bill never passed, and last month the government had to come up with a plan for bailing out Fannie and Freddie.